05:54 PM EDT, 06/18/2024 (MT Newswires) -- Qualcomm ( QCOM ) agreed to pay $75 million to resolve a shareholder lawsuit over allegations of fraud and anticompetitive sales and licensing practices, Reuters reported Tuesday, citing a preliminary all-cash settlement filed with the federal court in San Diego.

The accord requires approval by US District Judge Jinsook Ohta, who certified the suit as a class action in March 2023, according to the report.

Qualcomm ( QCOM ) and six individual defendants, including Paul Jacobs and Steven Mollenkopf, the former chief executive officers, agreed to settle but denied wrongdoing, the report said.

The company didn't immediately respond to a request for comment, Reuters said.

Qualcomm ( QCOM ) didn't immediately reply to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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